Read the memo: the new Target CEO's first missive to employees

• Michael Fiddelke, Target's new CEO, sent a memo to staff on his first workday in the job.
• He laid out a four-pronged road map to success for the company.
• Fiddelke has his work cut out for him, as Target struggles with weak performance and political pressure.

Target's new CEO laid out a road map for success on his first workday in the top job.

On Monday, Michael Fiddelke sent out his first memo to staff as the new chief executive of the Minneapolis-based big-box retailer.

It outlined four priorities for the company, from elevating guest experience to investing in the team's growth.

Fiddelke climbed the company's career ladder, working his way up from an intern in 2003. Before his appointment as CEO, he was Target's chief operating officer. He replaced outgoing CEO Brian Cornell, who helmed the company since 2014.

Fiddelke is stepping into the role at a tense moment for the company. Target's stock price is down about 25% in the past year, and it is facing backlash from employees for its response to violence by immigration officers in Minneapolis.

Read the full memo:

To our Guests, Team Members and Business Partners,

This week marks my first as CEO, and I want to start by saying thank you.

I began my career at Target more than two decades ago. I've grown here, learned here and worked alongside teams and partners who care deeply about our guests. Stepping into this role is both humbling and deeply personal.

And while we have real work to do, we are clear on who we are, our unique place in retail and in the hearts of our guests. We are equally clear on the opportunity in front of us. Our guests want great design, real value and experiences that delight. That's where Target has always been at its best, and it's what grounds the important work in front of us now.

As we move forward, our strategy is focused on four priorities:

1. Leading with merchandising authority by curating with conviction — bringing together design, style and value in a way only Target can.
2. Elevating the guest experience by making every store visit and digital interaction easier, more inspiring and more welcoming.
3. Accelerating technology to remove friction, enable our teams and create more personalized, joyful experiences for guests.
4. Strengthening our team and communities by investing in our people, building future-ready skills and growing alongside the communities we serve.

In the weeks ahead, my focus is simple: listen closely, move with clarity and urgency, and lead with purpose. We will make clear choices, invest where it matters most and bring this strategy to life through our stores, our digital experiences, and — most importantly — our people.

To our guests: we're committed to earning your trust and making every visit feel worth it.

To our team members: you are the heart of this company.

To our partners: we grow best when we build together.

I'm excited for what we'll create — together.

With gratitude,

Michael Fiddelke, CEO, Target